教師資料查詢 | 類別: 期刊論文 | 教師: 黃健銘 HUANG, CHIEN-MING (瀏覽個人網頁)

標題:Financial Performance and Business Risk of Futures Commission Merchants: A Panel Threshold Regression Approach
學年102
學期1
出版(發表)日期2013/11/01
作品名稱Financial Performance and Business Risk of Futures Commission Merchants: A Panel Threshold Regression Approach
作品名稱(其他語言)期貨商財務績效與經營風險
著者Hung, J. C.; Chang, M. C; Chien-Ming. Huang; Chien-Liang Chiu
單位
出版者
著錄名稱、卷期、頁數期貨與選擇權學刊 6(2), p.51-71
摘要In this paper, we investigate the relationship between business risk and financial performance of the Futures Commission Merchants (FCMs) in Taiwan. The business risk of FCMs is proxied by the adjusted net capital (ANC) ratio. In particular, the non-dynamic panel threshold model (Hansen, 1999) is used to analyze the effect of structural asymmetry of business risk and financial performance of FCMs. The sample period starts from January 1, 2005 through December 31, 2008 and the panel data is a balanced type. The empirical results show that there exists a significant threshold between the relationship of ANC ratio and financial performance. When ANC ratio is above the threshold value, there does not exit a significant relation between ANC ratio and financial performance. However, when ANC ratio is below the threshold value, financial performance has a significant negative relationship with ANC ratio. This implies that there might be some spaces for the limit of the ANC ratio to be appropriately downward adjusted for the FCMs to enhance their financial performance through expanding their business capacities.
關鍵字調整後淨資本;期貨商;財務績效;縱橫資料門檻模型;Adjusted net capital;Futures commission merchants;Financial performance;Panel threshold model
語言中文
ISSN2410-8146
期刊性質國內
收錄於TSSCI;
產學合作
通訊作者
審稿制度
國別中華民國
公開徵稿
出版型式,電子版
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